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Mizuho Financial selects representative director for proposed merged banking unit

Japan-based Mizuho Financial Group has selected its current CEO Yasuhiro Sato to manage a new banking startup, which will be created after the merger of its wholesale and retail banking units.

The merger between Mizuho Bank and Mizuho Corporate Bank is expected to complete by the first week of July this year, pending regulatory approval from relevant authorities in Japan and any foreign countries.

The restructure of management will be determined later, the bank said in a statement.

Sato has been appointed CEO of Mizuho Financial almost one and half year ago and has curtailed the executive positions by 10% as of June 2012, reports Wall Street Journal.

Established in 2000 through a merger of three banks, Mizuho Financial Group is a bank holding company which operates and manages its banks, long-term credit banks, specialized securities companies and other companies.